Czech authorities do not recognize Bitcoin as a legal currency, putting clients at risk.

By BOHEMIST STAFF

PRAGUE – The Czech Republic-based Bitcoin cloud mining company Maximus Coin announced that it has moved its headquarters to Malta amid increasing concerns over a lack of regulation over the digital currency, according to reports.

The firm decided to abandon its headquarters in the Czech Republic citing risky Bitcoin laws, according to the Bitcoin News Service. The services that Maximus Coin offers require people to deposit and withdraw Bitcoin on daily basis, something that cannot be supervised by Czech authorities as they do not recognize Bitcoin as legal tender.

Maximus Coin claims to offer 200-300% returns on principal Bitcoin cloud mining investments. They added that the move to Malta will not have an impact on its cloud mining contract businesses, but would instead provide an additional layer of security to clients’ investments.